Pushing past skeptics, Senate Democrats on Wednesday unveiled a new billionaires' tax proposal, an entirely new entry in the tax code designed to help pay for U.S. President Joe Biden's sweeping domestic policy package and edge his party closer to an overall agreement.
The proposed tax would hit the gains of those with more than US$1 billion in assets or incomes of more than $100 million a year, and it could begin to shore up the big social services and climate change plan Biden is racing to finish before departing this week for global summits.
Biden and his party are zeroing in on at least $1.75 trillion in health care, child care and climate change programs, scaling back what had been a $3.5 trillion plan, as they try to wrap up negotiations this week. Under Wyden's emerging plan, the billionaires' tax would hit the wealthiest of Americans, fewer than 800 people, starting in the 2022 tax year, according to a person familiar with the plan who insisted on anonymity to discuss it.
“I've been talking about this for years,” said Sen. Elizabeth Warren, D-Mass., who campaigned for the presidency on a wealth tax, and backs Wyden's approach. “I've even made billionaires cry over this.” With Sinema rejecting the House's approach to taxes and Manchin panning the new spending on programs, the senators have packed a one-two punch, throwing Biden's overall plan into flux.
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